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Innovations in payment technologies and the emergence of digital currencies

Author

Listed:
  • Ali, Robleh

    () (Bank of England)

  • Barrdear, John

    () (Bank of England)

  • Clews, Roger

    () (Bank of England)

  • Southgate, James

    () (Bank of England)

Abstract

Modern electronic payment systems rely on trusted, central third parties to process payments securely. Recent developments have seen the creation of digital currencies like Bitcoin, which combine new currencies with decentralised payment systems. Although the monetary aspects of digital currencies have attracted considerable attention, the distributed ledger underlying their payment systems is a significant innovation. As with money held as bank deposits, most financial assets today exist as purely digital records. This opens up the possibility for distributed ledgers to transform the financial system more generally.

Suggested Citation

  • Ali, Robleh & Barrdear, John & Clews, Roger & Southgate, James, 2014. "Innovations in payment technologies and the emergence of digital currencies," Bank of England Quarterly Bulletin, Bank of England, vol. 54(3), pages 262-275.
  • Handle: RePEc:boe:qbullt:0147
    as

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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/innovations-in-payment-technologies-and-the-emergence-of-digital-currencies.pdf?la=en&hash=AB46869B3EF355A0486F7B0BAF086F2EEE31554D
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    References listed on IDEAS

    as
    1. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    2. Charles Goodhart, 1988. "The Evolution of Central Banks," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, January.
    3. Naqvi, Mona & Southgate, James, 2013. "Banknotes, local currencies and central bank objectives," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 317-325.
    4. Manning, Mark & Nier, Erlend & Schanz, Jochen (ed.), 2009. "The Economics of Large-value Payments and Settlement: Theory and Policy Issues for Central Banks," OUP Catalogue, Oxford University Press, number 9780199571116, June.
    5. Finan, Kevin & Lasaosa, Ana & Sunderland, Jamie, 2013. "Tiering in CHAPS," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 371-378.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Bissessar, Shiva, 2016. "Opportunities and risks associated with the advent of digital currency in the Caribbean," Studies and Perspectives – ECLAC Subregional Headquarters for The Caribbean 46, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. repec:eee:intfin:v:52:y:2018:i:c:p:173-195 is not listed on IDEAS
    3. Ross D. King, 2016. "On the Use of Computer Programs as Money," Papers 1608.00878, arXiv.org.
    4. repec:mgt:youmng:v:12:y:2017:i:4:p:301-316 is not listed on IDEAS
    5. C. Pfister, 2017. "Monetary Policy and Digital Currencies: Much Ado about Nothing?," Working papers 642, Banque de France.
    6. Dermine, J., 2016. "Digital banking and market disruption: a sense of déjà vu?," Financial Stability Review, Banque de France, issue 20, pages 17-24, April.
    7. Ciaian, Pavel & Rajcaniova, Miroslava & Kancs, d'Artis, 2018. "Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 173-195.
    8. Barrdear, John & Kumhof, Michael, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
    9. Ansart, Sandrine & Monvoisin, Virginie, 2017. "The new monetary and financial initiatives: Finance regaining its position as servant of the economy," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 750-760.
    10. Zura Kakushadze & Jim Kyung-Soo Liew, 2018. "CryptoRuble: From Russia with Love," Papers 1801.05760, arXiv.org.
    11. repec:ibn:ibrjnl:v:10:y:2017:i:11:p:79-87 is not listed on IDEAS
    12. repec:prg:jnlaip:v:2017:y:2017:i:2:id:106:p:138-161 is not listed on IDEAS
    13. Koichiro Kamada, 2017. "The Transactions Demand for Paper and Digital Currencies," IMES Discussion Paper Series 17-E-06, Institute for Monetary and Economic Studies, Bank of Japan.
    14. Jarunee Wonglimpiyarat, 2016. "Technological Change of the Innovation Payment System," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 13(04), pages 1-20, August.
    15. Harinder S. Kohli (ed.), 2016. "The World in 2050: Striving for a More Just, Prosperous, and Harmonious Global Community," Books, Emerging Markets Forum, edition 1, number world2050, August.
    16. Gabriele Camera, 2016. "A Perspective on Electronic Alternatives to Traditional Currencies," Working Papers 16-32, Chapman University, Economic Science Institute.
    17. repec:fip:fedker:00056 is not listed on IDEAS
    18. Ben Fung & Hanna Halaburda, 2016. "Central Bank Digital Currencies: A Framework for Assessing Why and How," Discussion Papers 16-22, Bank of Canada.
    19. Fish, Tom & Whymark , Roy, 2015. "How has cash usage evolved in recent decades? What might drive demand in the future?," Bank of England Quarterly Bulletin, Bank of England, vol. 55(3), pages 216-227.

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